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Securities Class Action Settlements



SECURITIES CLASS ACTION SETTLEMENTS


The number of securities class action settlements declined 21% in 2023 relative
to 2022.

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Ciccio et al. v. SmileDirectClub LLC et al.



CICCIO ET AL. V. SMILEDIRECTCLUB LLC ET AL.


Class certification was denied in this false advertising matter.

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SEC Accounting and Auditing Enforcement Activity



SEC ACCOUNTING AND AUDITING ENFORCEMENT ACTIVITY


The SEC expanded its accounting and auditing enforcement activity in FY 2023,
while monetary settlements dropped for the second consecutive year.

Read More



FEATURED EXPERTS

 * ASHLEY LANGER

 * TODD T. MILBOURN

 * LAURA E. SIMMONS

 * KATHRYN L. SHAW


FEATURED EXPERTS



ASHLEY LANGER

ASSOCIATE PROFESSOR OF ECONOMICS,
ELLER COLLEGE OF MANAGEMENT,
UNIVERSITY OF ARIZONA

Ashley Langer is an econometrics, energy, and industrial organization expert.
Professor Langer applies sophisticated empirical methods to study regulation,
competition, and firm and consumer behavior. She analyzes a range of economic
issues, including those involving energy markets, transportation, and the
environment. Professor Langer has testified on issues related to class
certification and economic damages, including in such high-profile class actions
as Guzman et al. v. Polaris Inc. et al. and Garcia et al. v. Volkswagen Group of
America Inc. et al.

Professor Langer has analyzed consumer decisions, including those related to the
automotive and oil industries. She has evaluated decisions on which vehicles to
drive, how preferences form, when and where to purchase fuel, and whether to
adopt electric vehicles. She has also investigated the impact of consumer
demographic group preferences on vehicle pricing.

In her recent research, Professor Langer has assessed energy and environmental
policy design issues. For example, she has analyzed international oil markets
and the factors that influence pricing, as well as how Clean Air Act regulatory
enforcement affects pollution levels and firms’ investment decisions. Further,
she has studied the impact of energy policy on durable goods such as automobiles
and residential solar. In particular, Professor Langer has examined how
households respond to solar subsidies that change over time, how uncertainty
surrounding policy enforcement affects coal power plant retirement and upgrade
decisions, and how taxing vehicle mileage (rather than fuel consumption) changes
Highway Trust Fund revenues. Her earlier work includes assessing the effect of
congestion tolling on urban land use.

Professor Langer’s research has been published in leading academic journals,
including the American Economic Review, the Journal of Public Economics, and the
Review of Economics and Statistics. She is a research associate at the National
Bureau of Economic Research (NBER).

At the University of Arizona, Professor Langer teaches courses in business
strategy, empirical research methods, environmental economics, energy and
environmental policy, and government regulation. She has been honored with
several teaching and advising awards. In addition, Professor Langer presents on
industrial organization and empirical research methods, as well as
transportation, energy, and environmental topics, at professional conferences
and universities in the United States and internationally.

Professor Langer previously taught at the Ford School of Public Policy at the
University of Michigan. She was a visiting scholar at Columbia Business School
and the Energy Policy Institute of Chicago, University of Chicago.

View Bio


FEATURED EXPERTS



TODD T. MILBOURN

VICE DEAN OF FACULTY AND RESEARCH,
HUBERT C. AND DOROTHY R. MOOG PROFESSOR OF FINANCE,
OLIN BUSINESS SCHOOL,
WASHINGTON UNIVERSITY IN ST. LOUIS

Todd Milbourn is an expert on valuation, corporate finance, and corporate
governance, notably executive compensation and its impact on company stock
price, corporate risk-taking, and firm performance. Professor Milbourn has been
retained as an expert by private firms, the U.S. Department of Justice, and by
individuals in cases related to fair rates of return, breach of contract
damages, lost earnings, investment programs, and managerial/executive
compensation, including employee stock option programs.

Professor Milbourn has addressed issues related to credit ratings and bank
megamergers. He is a coauthor of the executive-level book, The Value Sphere:
Secrets of Creating and Retaining Shareholder Wealth, and has published articles
in leading scholarly journals, including Journal of Finance, Journal of
Financial Economics, Harvard Business Review, Sloan Management
Review, Management Science, Journal of Accounting Research, and RAND Journal of
Economics.

At Washington University in St. Louis, Professor Milbourn has taught
finance-related courses for nearly two decades. An award-winning educator, he
has been recognized numerous times for teaching excellence, and his faculty
research has twice been honored with the Olin Award: Research That Transforms
Business.

Professor Milbourn has experience as a board member of multiple hedge funds and
is the current Audit Committee Chair of a hedge fund. He has experience as a
board member on multiple special purpose acquisition companies (SPACs),
including serving as chair of the Audit Committee. Professor Milbourn also
speaks extensively at professional and scholarly conferences in Canada, Europe,
the United Kingdom, and across the United States.

Before joining the faculty of Olin Business School, Professor Milbourn taught at
the University of Chicago and London Business School.


View Bio


FEATURED EXPERTS



LAURA E. SIMMONS

SENIOR ADVISOR

Laura Simmons has more than twenty-five years of experience in economic
consulting across a variety of complex litigation matters. Dr. Simmons has
focused on damages and liability issues in securities class actions, as well as
litigation involving the Employee Retirement Income Security Act (ERISA). She
has also managed cases involving financial accounting, valuation, and corporate
governance issues.

Dr. Simmons assists clients with all phases of litigation and has experience
across civil, criminal, and regulatory matters. She has served as a testifying
expert in cases involving accounting analyses, securities case damages, ERISA
issues, and research on securities lawsuits.

Dr. Simmons developed Cornerstone Research’s initiatives on securities case
settlements and related settlements benchmarking models. Her research on pre–
and post–Reform Act securities litigation settlements has been published in a
number of reports and is frequently cited in the public press and legal
journals. She has also published in academic journals, with recent research
focusing on the intersection of accounting and litigation. Dr. Simmons speaks at
professional and specialist conferences and has appeared on CNBC to discuss the
topic of securities case settlements.

Dr. Simmons was an accounting faculty member at the Mason School of Business at
the College of William & Mary from 2008 through 2011. A certified public
accountant (CPA), she began her career at Price Waterhouse.

View Bio


FEATURED EXPERTS



KATHRYN L. SHAW

ERNEST C. ARBUCKLE PROFESSOR OF ECONOMICS,
STANFORD GRADUATE SCHOOL OF BUSINESS;
SENIOR FELLOW, STANFORD INSTITUTE FOR ECONOMIC POLICY RESEARCH (SIEPR),
STANFORD UNIVERSITY

Kathryn Shaw is a nationally recognized expert on labor economics who addresses
human resource management, wages, and discrimination issues. She has been
retained in high-profile labor matters and has expertise in class certification
issues.

Professor Shaw is the incoming president of the Society of Labor Economists, to
serve from 2022 through 2025 (first as the President-elect). She is known for
having co-developed the research field of “insider econometrics,” which uses
internal (or “inside”) company data to analyze how practices such as teamwork
and incentive pay affect performance.

In her recent research, Professor Shaw has worked on artificial intelligence
(AI) topics, including how the performance of firms improves with uses of AI.
She has also analyzed talent management in the software and other
knowledge-intensive industries. Her new research papers are focused on different
aspects of successful entrepreneurship.

Professor Shaw’s research has been published in the American Economic
Review, the Quarterly Journal of Economics, the Journal of Labor Economics, and
the Journal of Economics and Management Strategy. She was associate editor of
the Journal of Labor Economics and the Review of Economics and Statistics, and
editor of IZA World of Labor. Professor Shaw is a research associate at the
National Bureau of Economic Research (NBER), where she coheads the Personnel
Economics working group.

Professor Shaw has been honored with multiple awards for excellence in teaching.
She teaches courses on personnel economics, people management and organizational
strategy, and the impact of AI on productivity.

Before joining the faculty at Stanford, Professor Shaw was the Ford
Distinguished Research Chair and Professor of Economics at Carnegie Mellon’s
Tepper School of Business. She has also held visiting academic appointments at
University College London, the MIT Sloan School of Management, and the
University of Paris.

Earlier in her career, Professor Shaw served as a Senate-confirmed member of the
U.S. President’s Council of Economic Advisers in the Clinton administration, and
as visiting economist to the Board of Governors at the Federal Reserve.



 

View Bio
View All Experts

ABOUT US

For more than thirty years, Cornerstone Research staff have provided economic
and financial analysis in all phases of commercial litigation and regulatory
proceedings.

Learn More

DIVERSITY, EQUITY, AND INCLUSION

The varied backgrounds, experiences, and perspectives of our people strengthen
our firm and enrich the support we provide to our clients and experts.

Learn More

PRO BONO

Cornerstone Research is committed to making a positive impact in the communities
where we live and work.

Learn More


INSIGHTS

View All
14 March 2024


LOS ANGELES WOMEN’S FORUM 2024: HAPPIER HOUR

Bestselling author and UCLA Anderson School of Management Professor Cassie
Holmes will present at this networking event for professionals in the le...

13 March 2024


HOW A 3-FIRM ‘JOINT EFFORT’ BEAT A $3.6B PHARMA ANTITRUST SUIT

In this Law360 article, counsel discusses Celeste Saravia’s pivotal role as the
economic expert in a pharmaceutical antitrust lawsuit.

12 March 2024


FORBES MAGAZINE NAMES CORNERSTONE RESEARCH TO 2024 LIST OF AMERICA’S BEST
MANAGEMENT CONSULTING FIRMS

The firm is recognized for the seventh consecutive year, with new rankings in
Health Care & Life Sciences and Mergers & Acquisitions.

8 March 2024


MERGERS THAT CREATE A BETTER WORKPLACE? SOME PRACTICAL CONSIDERATIONS RAISED BY
GUIDELINE 10 OF THE 2023 MERGER GUIDELINES

Craig Malam will moderate this webinar panel hosted by the American Bar
Association Section of Antitrust Law.

7 March 2024


INTERNATIONAL WOMEN’S DAY 2024: INSPIRE INCLUSION

March 8 is International Women’s Day, a global day celebrating the social,
economic, cultural, and political achievements of women.

6 March 2024


NUMBER OF SECURITIES CLASS ACTION SETTLEMENTS FALLS AS MEDIAN SETTLEMENT AMOUNT
REACHES HIGHEST LEVEL SINCE 2010

Total assets of issuer defendants are the highest among post–Reform Act
settlements.

5 March 2024


IN THE MATTER OF SECURUS TECHNOLOGIES INC. AND INMATE CALLING SOLUTIONS LLC

The parties abandoned their intent to merge after the DOJ opened its
investigation into the acquisition.

1 March 2024


ALGORITHMS, ARTIFICIAL INTELLIGENCE, AND ANTITRUST: AN OVERVIEW

This article discusses the implications of the use of AI-powered algorithms on
consumers and competition.

29 February 2024


ECONOMIC TOOLS FOR ENFORCEMENT ACTIONS: LESSONS FROM THE TRENCHES

Kirti Gupta will join a panel of antitrust experts on this webinar hosted by the
California Lawyers Association.

28 February 2024


CORNERSTONE RESEARCH ANNOUNCES PROMOTIONS TO VICE PRESIDENT

The firm advanced Sean Kruskol and Nick Yavorsky to the role of vice president.

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